October 8, 2004

KPMG Settles Lernout Claims

The U.S. and Belgian affiliates of KPMG, Int'l have agreed to a preliminary settlement of the claims brought against them as part of the Lernout & Hauspie securities class action pending in the D. of Mass. (The 10b-5 Daily has previously posted about discovery issues in the case.) KPMG acted as the company's auditor.

The settlement is for $115 million. The New York Times reports the settlement "would be the second-largest ever paid by KPMG, after the $125 million resolution reached last year in connection with its role as auditor of Rite-Aid."

Posted by Lyle Roberts at October 8, 2004 6:10 PM | TrackBack
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